Bankwest home loan repayment calculator

Thinking about taking out a home loan with Bankwest? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bankwest home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.83%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Flexible repayment options.
  • Wide range of home loan products.
  • Relatively competitive rates on most loans.
  • Package loans available.
  • Optional offset account charges a small fee.
  • Branches limited outside WA.

Bankwest home loans rates

Advertised Rate

2.83%

p.a Variable

Total estimated upfront fees
$250
Comparison Rate*

2.86%

p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.73%

p.a Variable

Total estimated upfront fees
$250
Comparison Rate*

3.18%

p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.18%

p.a Variable

Total estimated upfront fees
$250
Comparison Rate*

3.20%

p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

1.99%

p.a Fixed - 4 years

Total estimated upfront fees
$250
Comparison Rate*

3.33%

p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.34%

p.a Variable

Total estimated upfront fees
$150
Comparison Rate*

3.36%

p.a

Ongoing fee
$0
Go to site
More details

Bankwest customer service

Bankwest home loans customers can contact the bank through a number of different mediums, including online, via email or on the Bankwest Forum. The bank also has an Australian-based call centre with specialised lines for personal, business and international customers. There is also the option to talk to a staff member in person at Bankwest branch or book a mobile or phone appointment with an affiliated lending specialist.

  • Customer service centre (phone, email, branch)
  • Mobile app
  • Online banking
  • Live Chat
  • Mobile banking staff

How to Apply

Potential Bankwest customers can apply for a home loan in a number of ways. These include online or phone applications, as well as the option to make an appointment at a Bankwest branch or with a mobile lending specialist. You will also need to provide documentation when applying for a home loan. This may include:

  • Personal details and identification.
  • Employment details.
  • Financial details such as income, assets and any other loans or commitments.

For refinancers you may also have to provide recent home loan statements for the past six months from your other financial institution.

About Bankwest home loans

There are home loans offered by Bankwest to suit almost every mortgage borrower in Australia, including:

  • First home buyers
  • Upgraders
  • Renovators
  • Refinancers
  • Investors
  • Seniors (reverse mortgages)
  • SMSFs (superannuation home loans)
  • Self-employed (low-doc loans)
  • Line-of-credit loans (for new and small businesses)

Bankwest also offers a variety of mortgage interest rates, including:

  • Variable interest rates
  • Fixed interest rates
  • Principal-and-interest home loans
  • Interest-only mortgages
  • Split loans

Bankwest lets customers use a paperless home loan application. The maximum term on a home loan with Bankwest is 30 years, and repayments can be made weekly, fortnightly or monthly. There are also mortgages from the bank that offer a free redraw facility, as well as up to 100 per cent offset account and the ability to make extra repayments any time. It pays to compare the home loans carefully to find the features that suit you best.

Bankwest home loan rates

Mortgage rates offered by Bankwest differ depending on what product customers choose. Bankwest has to compete against the big four banks, which have significantly more brand recognition and branches. So, to stay competitive, Bankwest often undercuts the interest rates offered by ANZ, Commonwealth Bank, NAB and Westpac.  

For owner-occupiers paying interest and principal, Bankwest rates tend to be moderately low, while its interest-only rates tend to be very low. Mortgages for investors generally have very low interest rates, especially interest-only home loans. Bankwest’s upfront fees are generally moderate. That said, there can be differences from product to product.

Bankwest puts a different rate on variable and fixed home loans. Depending on the product, there can be significant differences, so it’s worth comparing the two to get the best home loan rate to suit your needs.

Bankwest home loans review

Bankwest mortgage customers get the benefit of banking with a smaller, more personal bank, but the safety of knowing it’s owned by the largest bank in Australia (Commonwealth Bank).

Bankwest offers home loans to suit almost every type of borrower, whether a first home buyer, a refinancer, an investor or an owner-occupier. There are also several specialist home loans offered by Bankwest, including reverse mortgages, SMSF mortgages and low-doc loans for the self-employed.

Bankwest’s interest rates are generally low compared to many of its competitors in Australia, but the fees vary significantly between the products offered by the bank. There are some home loans at Bankwest with no application and monthly maintenance fees, however some mortgage products have high annual fees, so it pays to compare home loans carefully to get the best deal.

About Bankwest home loans

There are home loans offered by Bankwest to suit almost every mortgage borrower in Australia, including:

  • First home buyers
  • Upgraders
  • Renovators
  • Refinancers
  • Investors
  • Seniors (reverse mortgages)
  • SMSFs (superannuation home loans)
  • Self-employed (low-doc loans)
  • Line-of-credit loans (for new and small businesses)

Bankwest also offers a variety of mortgage interest rates, including:

  • Variable interest rates
  • Fixed interest rates
  • Principal-and-interest home loans
  • Interest-only mortgages
  • Split loans

Bankwest lets customers use a paperless home loan application. The maximum term on a home loan with Bankwest is 30 years, and repayments can be made weekly, fortnightly or monthly. There are also mortgages from the bank that offer a free redraw facility, as well as up to 100 per cent offset account and the ability to make extra repayments any time. It pays to compare the home loans carefully to find the features that suit you best.

Bankwest home loan rates

Mortgage rates offered by Bankwest differ depending on what product customers choose. Bankwest has to compete against the big four banks, which have significantly more brand recognition and branches. So, to stay competitive, Bankwest often undercuts the interest rates offered by ANZ, Commonwealth Bank, NAB and Westpac.  

For owner-occupiers paying interest and principal, Bankwest rates tend to be moderately low, while its interest-only rates tend to be very low. Mortgages for investors generally have very low interest rates, especially interest-only home loans. Bankwest’s upfront fees are generally moderate. That said, there can be differences from product to product.

Bankwest puts a different rate on variable and fixed home loans. Depending on the product, there can be significant differences, so it’s worth comparing the two to get the best home loan rate to suit your needs.

Bankwest home loans review

Bankwest mortgage customers get the benefit of banking with a smaller, more personal bank, but the safety of knowing it’s owned by the largest bank in Australia (Commonwealth Bank).

Bankwest offers home loans to suit almost every type of borrower, whether a first home buyer, a refinancer, an investor or an owner-occupier. There are also several specialist home loans offered by Bankwest, including reverse mortgages, SMSF mortgages and low-doc loans for the self-employed.

Bankwest’s interest rates are generally low compared to many of its competitors in Australia, but the fees vary significantly between the products offered by the bank. There are some home loans at Bankwest with no application and monthly maintenance fees, however some mortgage products have high annual fees, so it pays to compare home loans carefully to get the best deal.

Learn more about home loans

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

How is interest charged on a reverse mortgage from IMB Bank?

An IMB Bank reverse mortgage allows you to borrow against your home equity. You can draw down the loan amount as a lump sum, regular income stream, line of credit or a combination. The interest can either be fixed or variable. To understand the current rates, you can check the lender’s website.

No repayments are required as long as you live in the home. If you sell it or move to a senior living facility, the loan must be repaid in full. In some cases, this can also happen after you have died. Generally, the interest rates for reverse mortgages are higher than regular mortgage loans.

The interest is added to the loan amount and it is compounded. It means you’ll pay interest on the interest you accrue. Therefore, the longer you have the loan, the higher is the interest and the amount you’ll have to repay.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

What do people do with a Macquarie Bank reverse?

There are a number of ways people use a Macquarie Bank reverse mortgage. Below are some reasons borrowers tend to release their home’s equity via a reverse mortgage:

  • To top up superannuation or pension income to pay for monthly bills;
  • To consolidate and repay high-interest debt like credit cards or personal loans;
  • To fund renovations, repairs or upgrades to their home
  • To help your children or grandkids through financial difficulties. 

While there are no limitations on how you can use a Macquarie reverse mortgage loan, a reverse mortgage is not right for all borrowers. Reverse mortgages compound the interest, which means you end up paying interest on your interest. They can also affect your entitlement to things like the pension It’s important to think carefully, read up and speak with your family before you apply for a reverse mortgage.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

What should you consider when applying for a reverse mortgage from Bankwest?

If you’re looking at applying for a Bankwest reverse mortgage, it’s important to understand how the loan works and may affect your future.

Reverse mortgages are used by some seniors to pay for expenses like medical costs and home maintenance. Bankwest offers reverse mortgages to eligible customers as a lump sum, income stream, line of credit or a combination. It’s important to keep in mind you’ll likely be charged interest on the borrowed amount often at a higher rate compared to a regular mortgage.

The interest compounds over the years and the fees also get added to the loan amount. Over a period, the amount owed to the lender increases and the longer you hold the loan, the more you’ll have to repay. The entire loan amount is repaid when you move out, sell the home or pass away. R

everse mortgages can also affect your pension entitlements, so it’s critical to know what you’re getting into before you take one out. You can read more about getting a Bankwest reverse mortgage here.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

Why should I get a Bankwest pre-approval home loan?

A Bankwest pre-approval home loan will give you a clear idea of how much you can afford to borrow, thus ensuring you restrict your search to houses within your budget. Not only will you save time, but you can also avoid a potential financial disaster if you happen to make an offer or a down-payment on a property and then realise you can’t afford it. A Bankwest pre-approval home loan can also tell the seller that you're serious about the purchase.

At the time of applying for a Bankwest pre-approval home loan, you will need to provide proof of ID, evidence of employment and regular income, details on your expenses, as well as any on-going debts. The lender might make enquiries about your credit rating too. Once you’re pre-approved, you will receive intimation on how much money Bankwest is willing to lend you.  

 

 

Does Australia have no-deposit home loans?

Australia no longer has no-deposit home loans – or 100 per cent home loans as they’re also known – because they’re regarded as too risky.

However, some lenders allow some borrowers to take out mortgages with a 5 per cent deposit.

Another option is to source a deposit from elsewhere – either by using a parental guarantee or by drawing out equity from another property.